Debt can become very problematic for a small business if it is not managed effectively. A certain degree of debt is unavoidable at the outset, but the business owner has a duty to clear this debt over time rather than letting it stockpile.
This infographic from Eazy Cash (http://www.eazycash.ca/car-title-loans/) lists some sound advice on managing business debt by cutting back on costs where possible and generating an extra bit of revenue. A steady cash flow is essential for any business if it wishes to keep on top of its debt repayments. Even in this era of cryptocurrency and contactless payments, a reliable source of cash is fundamental.
A huge aspect of reducing business debts is managing relationships with key stakeholders. Could you take advantage of a positive rapport with creditors to see if you can renegotiate more favourable terms? Can you make your existing customers feel more valued and make your business more appealing to prospective customers? Read the infographic below for informed tips on managing business debt effectively.
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